As expected the dividend for Q1 FY18 is supported by
I underestimate the JV of Rock Square,
CapitaMall Wangjing,
The next income boost will come from the CapitaMall Wangjing level 4 more where the rental income from this recovered space will almost double and management projected ROI of 30%.
CapitaMall Wuhu,
Based on Q1FY18 alone, currently it is bleeding $424k, If you see the footnote the management is partially closed CapitaMall Wuhu while evaluating options to reduce operating cost. If they could do something with this mall either disposed it off or turn around.. it will save us $424k which can be contributed to the dividend...and maybe the $$$ from disposal can be return to us. The mall currently value around RMB193M which around SGD40m.
CapitaMall Minzhongleyuan,
Still on-going for tenant mix adjustment, I hope this will be one of the catching up and go back to its glorious time where it was contributing about $5m (FY2012) in net income or maybe more as now we are in Year 2018.
Overall rental reversion is positive at 12.8%
Moving forward the dividend maybe sustain by the divestment gain $31.5m, current divestment gain return to shareholder
1. Q4FY17: $3.7M
2. Q1FY18 :$3.0M
- $3M from distribution of gains from the disposal of CapitaMall Anzhen which is lower $700k from previous distribution
- Share of result from JV of Rock Square $487K
I underestimate the JV of Rock Square,
- Just for 2 month it contribute about $2m of net income, looking at Q1FY17 CapitaMall Anzhen contribute about $3,390m so it is almost a replacement of it.
- Positive rental reversion >20% and there will be 28% of lease expiry in FY2018
CapitaMall Wangjing,
The next income boost will come from the CapitaMall Wangjing level 4 more where the rental income from this recovered space will almost double and management projected ROI of 30%.
CapitaMall Wuhu,
Based on Q1FY18 alone, currently it is bleeding $424k, If you see the footnote the management is partially closed CapitaMall Wuhu while evaluating options to reduce operating cost. If they could do something with this mall either disposed it off or turn around.. it will save us $424k which can be contributed to the dividend...and maybe the $$$ from disposal can be return to us. The mall currently value around RMB193M which around SGD40m.
CapitaMall Minzhongleyuan,
Still on-going for tenant mix adjustment, I hope this will be one of the catching up and go back to its glorious time where it was contributing about $5m (FY2012) in net income or maybe more as now we are in Year 2018.
Overall rental reversion is positive at 12.8%
Moving forward the dividend maybe sustain by the divestment gain $31.5m, current divestment gain return to shareholder
1. Q4FY17: $3.7M
2. Q1FY18 :$3.0M
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